Andre Villas-Boas is a keen admirer of the 25-year-old and made desperate attempts to bring him to Stamford Bridge following his own deflection from the Portuguese champions in July.
Pereira's ability to play anywhere on the left-hand side of the pitch is what interests Chelsea most, with the club lacking a serious alternative to Ashley Cole having sold Yuri Zhirkov. He could also bring width to an otherwise narrow midfield.
Wanted man: Porto's Alvaro Pereira (right) could join Chelsea in January
Chelsea's bid of around ?15million in August failed to bully Porto into selling, but that will now have to be increased after Pereira signed a contract extension, tying him to the club until 2016.
? Speaking in the aftermath of a summer transfew window, Pereira appeared to be disappointed that a move had not materialised.
He said: 'The club could not agree and I will continue in the colours of Porto. They said they did not want to sell me and weaken the team, and as a player I have to respect that decision.
'Chelsea grew weary and withdrew their offer. My agent told me the two clubs just could not reach an agreement. I just have to focus on Porto and try and produce a performance, it will not be easy but that is my challenge.'
He has played seven times for Porto in the league this season, helping them to the Primeira Liga's summit.
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Source: Daily Mail
Source: Daily Mail